Most Popular Operations Content
Reg CC & Suspense Accounts
05/07/2001
We have knowledge that a customer deposited a State check for a "friend" with a forged endorsement. The State received a copy of the stolen check from us since we were the bank of deposit. We debited our customer's account and credited a suspense account, pending a request from the State for the money. Our dilemma is where do we keep the money? Suspense...We are required to clear this account within 30 days.--Put a hold on the account...Are we violating Reg CC for an indefinite time frame?
Recording Customer Conversations
05/07/2001
Is it ok to record phone conversations from a customer who is giving wire instructions--do we have to tell customer that the conversation is being recorded? If we do not inform the customer, would the recorded conversation be admissible in court?
Requirements for Items Received for Collection
05/07/2001
We received an item for collection in the amount of $250.00. The attached letter didn't state how long we should continue to check this account for the funds but in the past I believe that we checked for two weeks. Is this correct? Also the check was marked "Do Not Present Again" and there were holes punched in the MICR line. Can we accept this item for collection?
Negotiating Checks Payable to Multiple Parties
05/07/2001
A check payable to customer A - B ( it does not have the word "and/or" between the two names ) I have always been told that when it does not have the "and/or" that it is accepted as "OR" that either customer A or B could cash or deposit the check.
Endorsing IRS Checks
05/07/2001
In one of your articles I read that it is not sufficient to deposit a IRS refund check payable to a husband and wife without both endorsements If the account is title jointly, can the Treasury Department return the item if it is stamped "For credit to the account of the within named payee. Absence of endorsement guaranteed." ?